January 2016

Topic

The presentation examines a new cooperative land readjustment strategy applied to suburban areas, which aims to transform the physical environment into more compact developments, financially empowered local residents, and decreased car usage. The strategy also aims to increase the quality and quantity of parks and public spaces. The model is a market-driven approach that addresses a range of urban issues from the scarcity of land in urban areas to the challenges of a heavily dominated automobile society, in addition to other social and economic concerns.

Cooperative Land Readjustment is a market-driven urban development strategy that transforms suburban areas into mid-density, mixed-use communities in a way that financially empowers local residents. This type of development may be especially interesting to low- or middle-income neighborhoods that are located in geographically important areas in our cities but may be limited to further growth. In this model, local residents form a business cooperative along with a real estate developer who purchases the remaining mortgage debt of the individual properties. The properties are aggregated, and a new master plan is created based on increased population densities, new economic activity, and increased public space and amenities.

Homeowners receive full title, at no cost, to new condominiums of equal market value as their original homes. They also get complete debt relief on their existing mortgages. Homeowners also become long-term shareholders along with the developer in a commercial real estate investment trust (REIT) that is comprised of the new commercial, income-generating properties in the community.

The model aims to decrease car usage, introduce green technologies on a communitywide basis, and create a robust system of parks and public spaces, while reversing the trend of gentrification. The model requires a planning intensive strategy involving local planning authorities and other allied professionals. The model was developed with many of the current urban challenges in mind from the scarcity of land in urban areas to the environmental and health issues associated with a heavily automobile dominated society, in addition to other social and economic concerns.

CM

Speakers / Instructors Biography

Andrea Jandriček's background combines both economic development and urban planning. After completing a BA in Architecture at Columbia University in New York, an interest in economy led her to opportunities with leading financial advisers, including a Harvard-based hedge fund and KPMG in Croatia. She co-founded a management consultancy in Central Europe that focused on providing a range of services to mid-sized transitional companies in emerging markets, including business intelligence, company restructuring, and strategic product placement.

Jandriček received a dual Master’s Degree in Architecture and Urban Planning from the University of Zagreb in Croatia where her thesis topic examined how economic models could be used to transform physical environments, particularly those affected by informal/semi-informal settlements or urban sprawl. Jandriček won First Place in the National Competition, "Excellence in Sustainability," organized by the American Planning Association, Sustainable Communities Division, in the category of Emerging Leader 2015. She currently works on the architectural staff of Design AIDD Architecture, a New York City-based firm, specializing in affordable housing and its broader issues.